Prices & Performance

Prices

as of 11/16/18

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NAV Daily Change ($) Daily Change (%) MTD QTD YTD
$24.95 $0.13 0.52% 2.55% -9.04% -15.32%

Performance

 

as of 10/31/18

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BREIX - Baron Real Estate Fund - I -11.30% -17.43% -12.71% 0.88% 4.79% 12.26% 1.06% 1.06%
MSCI USA IMI Extended Real Estate Index -7.62% -6.53% -1.81% 5.99% 7.93% 11.53%
MSCI US REIT Index -3.01% -1.73% 0.34% 3.29% 6.20% 9.85%
S&P 500 Index -6.84% 3.01% 7.35% 11.52% 11.34% 12.91%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

as of 09/30/18

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QTD1 YTD1 1 Year 3 Years 5 Years Since Inception Expense Ratio2
Gross Net
BREIX - Baron Real Estate Fund - I -2.76% -6.91% 2.12% 8.18% 8.05% 13.94% 1.06% 1.06%
MSCI USA IMI Extended Real Estate Index 1.91% 1.18% 7.10% 11.13% 10.47% 12.66%
MSCI US REIT Index 0.78% 1.32% 2.37% 6.30% 7.78% 10.34%
S&P 500 Index 7.71% 10.56% 17.91% 17.31% 13.95% 13.96%

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

1Not annualized.

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

Expense ratios are as of the fiscal year ended 12/31/2017

as of 10/31/18

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Year Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
2017 31.42% 18.04% 3.74% 21.83%
2016 -1.75% 8.24% 7.14% 11.96%
2015 -4.42% 2.27% 1.28% 1.38%
2014 16.93% 17.96% 28.82% 13.69%
2013 27.48% 17.44% 1.26% 32.39%
2012 42.99% 27.00% 16.47% 16.00%
2011 0.80% -2.26% 7.48% 2.11%
2010 26.90% 24.81% 26.98% 15.06%

1Not annualized.

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

Expense ratios are as of the fiscal year ended 12/31/2017

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Record Date Ex Date Payable Date Income Return of Capital Short-Term Capital Gain Long-Term Capital Gain Total Re-Invest NAV Calendar-Yr Return
09/24/2018 09/25/2018 09/26/2018 $0.072 $0.000 $0.000 $0.437 $0.509 $27.50
11/27/2017 11/28/2017 11/29/2017 $0.000 $0.000 $0.000 $1.412 $1.412 $29.47 31.42%
11/28/2016 11/29/2016 11/30/2016 $0.000 $0.066 $0.000 $0.000 $0.066 $23.62 -1.75%
10/05/2016 10/06/2016 10/07/2016 $0.000 $0.000 $0.000 $0.082 $0.082 $23.60 -1.75%
12/02/2015 12/03/2015 12/04/2015 $0.000 $0.000 $0.000 $0.458 $0.458 $24.83 -4.42%
09/23/2015 09/24/2015 09/25/2015 $0.011 $0.000 $0.000 $0.011 $0.022 $24.54 -4.42%
12/01/2014 12/02/2014 12/03/2014 $0.085 $0.000 $0.000 $0.000 $0.085 $25.67 16.93%
12/18/2013 12/19/2013 12/20/2013 $0.000 $0.032 $0.000 $0.000 $0.032 $21.79 27.48%
09/25/2013 09/26/2013 09/27/2013 $0.002 $0.000 $0.006 $0.015 $0.023 $20.64 27.48%
11/28/2012 11/29/2012 11/30/2012 $0.000 $0.000 $0.193 $0.113 $0.306 $16.92 42.99%
11/28/2011 11/29/2011 11/30/2011 $0.000 $0.000 $0.000 $0.092 $0.092 $11.57 0.80%
09/07/2011 09/08/2011 09/09/2011 $0.006 $0.000 $0.111 $0.006 $0.123 $11.79 0.80%

as of 09/30/18

Yields — SCT Shares | BREIX  
Unsubsidized SEC 30-Day Yield 0.29%
Subsidized SEC 30-Day Yield 0.29%
Distribution Yield 0.26%

SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”.

SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).

SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.

Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.

Performance Characteristics

as of 09/30/18

3 Years 5 Years Since Inception
Standard Deviation (%) 13.75 13.15 15.56
Sharpe Ratio 0.54 0.57 0.88
Alpha (%) -3.64 -2.81 1.16
Beta 1.12 1.09 1.02
R-Squared (%) 78.59 78.07 83.93
Tracking Error (%) 6.50 6.22 6.24
Information Ratio -0.45 -0.39 0.20
Upside Capture (%) 95.03 96.46 103.72
Downside Capture (%) 118.90 115.29 98.45

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Real Estate Fund's(BREIX) benchmark (MSCI USA IMI Extended Real Estate Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

 
NAV $24.95
Daily Change ($) $0.13
Daily Change (%) 0.52%
MTD 2.55%
QTD -9.04%
YTD -15.32%
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BREIX - Baron Real Estate Fund - I MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
QTD1 -11.30% -7.62% -3.01% -6.84%
YTD1 -17.43% -6.53% -1.73% 3.01%
1 Year -12.71% -1.81% 0.34% 7.35%
3 Years 0.88% 5.99% 3.29% 11.52%
5 Years 4.79% 7.93% 6.20% 11.34%
Since Inception 12.26% 11.53% 9.85% 12.91%
Expense Ratio2 - Gross 1.06%
Expense Ratio2 - Net 1.06%

*As of 10/31/18

*Annualized as of 10/31/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

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BREIX - Baron Real Estate Fund - I MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
QTD1 -2.76% 1.91% 0.78% 7.71%
YTD1 -6.91% 1.18% 1.32% 10.56%
1 Year 2.12% 7.10% 2.37% 17.91%
3 Years 8.18% 11.13% 6.30% 17.31%
5 Years 8.05% 10.47% 7.78% 13.95%
Since Inception 13.94% 12.66% 10.34% 13.96%
Expense Ratio2 - Gross 1.06%
Expense Ratio2 - Net 1.06%

*As of 09/30/18

*Annualized as of 10/31/18

1Not annualized.

2Expense ratios are as of the fiscal year ended 12/31/2017

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

as of 09/30/18

3 Years 5 Years Since Inception
Standard Deviation (%) 13.75 13.15 15.56
Sharpe Ratio 0.54 0.57 0.88
Alpha (%) -3.64 -2.81 1.16
Beta 1.12 1.09 1.02
R-Squared (%) 78.59 78.07 83.93
Tracking Error (%) 6.50 6.22 6.24
Information Ratio -0.45 -0.39 0.20
Upside Capture (%) 95.03 96.46 103.72
Downside Capture (%) 118.90 115.29 98.45

Except for Standard Deviation and Sharpe Ratio, the performance based-characteristics above were calculated relative to the Baron Real Estate Fund's(BREIX) benchmark (MSCI USA IMI Extended Real Estate Index). Performance statistics for additional periods will be provided on request. Source FactSet: SPAR.

as of 10/31/18

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Year Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index MSCI US REIT Index S&P 500 Index
2017 31.42% 18.04% 3.74% 21.83%
2016 -1.75% 8.24% 7.14% 11.96%
2015 -4.42% 2.27% 1.28% 1.38%
2014 16.93% 17.96% 28.82% 13.69%
2013 27.48% 17.44% 1.26% 32.39%
2012 42.99% 27.00% 16.47% 16.00%
2011 0.80% -2.26% 7.48% 2.11%
2010 26.90% 24.81% 26.98% 15.06%

1Not annualized.

Performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's transfer agency expenses may be reduced by the expense offsets from an unaffiliated transfer agent, without which performance would have been lower. Current performance may be lower or higher than the performance data quoted above.

Expense ratios are as of the fiscal year ended 12/31/2017

Select Year
Record Date 09/24/2018 11/27/2017 11/28/2016 10/05/2016 12/02/2015 09/23/2015 12/01/2014 12/18/2013 09/25/2013 11/28/2012 11/28/2011 09/07/2011
Ex Date 09/25/2018 11/28/2017 11/29/2016 10/06/2016 12/03/2015 09/24/2015 12/02/2014 12/19/2013 09/26/2013 11/29/2012 11/29/2011 09/08/2011
Payable Date 09/26/2018 11/29/2017 11/30/2016 10/07/2016 12/04/2015 09/25/2015 12/03/2014 12/20/2013 09/27/2013 11/30/2012 11/30/2011 09/09/2011
Income $0.072 $0.000 $0.000 $0.000 $0.000 $0.011 $0.085 $0.000 $0.002 $0.000 $0.000 $0.006
Return of Capital $0.000 $0.000 $0.066 $0.000 $0.000 $0.000 $0.000 $0.032 $0.000 $0.000 $0.000 $0.000
Short-Term Capital Gain $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.006 $0.193 $0.000 $0.111
Long-Term Capital Gain $0.437 $1.412 $0.000 $0.082 $0.458 $0.011 $0.000 $0.000 $0.015 $0.113 $0.092 $0.006
Total $0.509 $1.412 $0.066 $0.082 $0.458 $0.022 $0.085 $0.032 $0.023 $0.306 $0.092 $0.123
Re-Invest NAV $27.50 $29.47 $23.62 $23.60 $24.83 $24.54 $25.67 $21.79 $20.64 $16.92 $11.57 $11.79
Calendar-Yr Return 31.42% -1.75% -1.75% -4.42% -4.42% 16.93% 27.48% 27.48% 42.99% 0.80% 0.80%

as of 09/30/18

Yields — SCT Shares | BREIX  
Unsubsidized SEC 30-Day Yield 0.29%
Subsidized SEC 30-Day Yield 0.29%
Distribution Yield 0.26%

SEC 30- Day Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses and includes any applicable waiver or reimbursement. Absent such waivers or reimbursements, the returns would have been lower. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield”.

SEC 30-Day Subsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).

SEC 30-Day Unsubsidized Yield (%) is a standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses.

Distribution Yield is interest and dividend payments the fund is currently paying. Distribution yields fluctuate and are not guaranteed.

Portfolio Characteristics

 

as of 09/30/18

Baron Real Estate Fund MSCI USA IMI Extended Real Estate Index
Net Assets$851.04 million
# of Equity Securities / % of Net Assets47 / 93.2%
Turnover (3 Year Average)50.86%
Active Share75.0%
Median Market Cap$8.59 billion$2.58 billion
Weighted Average Market Cap$28.40 billion$46.76 billion
EPS Growth (3-5 year forecast)14.1%11.1%
Price/Earnings Ratio (trailing 12-month)17.019.6
Price/Book Ratio2.82.1
Price/Sales Ratio2.52.2
Current Expense Ratio Date12/31/2017

The Net Assets include all share classes combined.

Price/Book Ratio and Price/Sales Ratio are calculated using the Weighted Harmonic Average. Source: FactSet PA. Internal valuation metrics may differ.

Holdings

as of 10/31/18

Open All Close All Holding Sector % of Net Assets

American Tower Corp.

American Tower Corp. (AMT) is the largest independent wireless tower operator worldwide, with close to 170,000 towers in 13 countries on five continents.

Real Estate 7.5%

Equinix, Inc.

Equinix, Inc. (EQIX) is a network neutral operator of 200 data centers across 52 metros and 24 countries in North America, Europe, and Asia-Pacific. It provides highly reliable facilities and offers low latency interconnection to and among business partners, networks, and cloud service providers.

Real Estate 5.8%

InterXion Holding N.V.

InterXion Holding N.V. (INXN) is a European provider of cloud and carrier-neutral colocation data center services. It has over 50 data centers across 13 cities in 11 countries, over 132,000 square meters of equipped space, and 1,600 customers.

Information Technology 5.1%

CBRE Group, Inc.

CBRE Group, Inc. (CBG) is a leading commercial real estate services company with the number one market share in all of its major businesses.

Real Estate 4.6%

MGM Resorts International

MGM Resorts International (MGM) is a casino hospitality company with properties in Macau, Las Vegas, and other regions across the U.S. 75% of its EBITDA is in the U.S., while 25% is from Macau. The company owns a 74.5% stake in gaming REIT MGM Growth Properties and a 56% stake in MGM China.

Consumer Discretionary 4.4%

D.R. Horton, Inc.

Consumer Discretionary 3.5%

Brookfield Asset Management, Inc.

Brookfield Asset Management, Inc. (BAM) is a leading global alternative asset manager and one of the largest investors in real assets. Brookfield focuses on real estate, renewable power, infrastructure, and private equity assets.

Financials 3.4%

Home Depot, Inc.

Home Depot, Inc. (HD) is the largest home improvement retailer in the U.S. It operates 2,270 stores in the U.S., Canada, and Mexico.

Consumer Discretionary 3.4%

Digital Realty Trust, Inc.

Digital Realty Trust, Inc. (DLR), organized as a REIT, is the largest global provider of large-scale data center services to enterprises, cloud providers and network operators. The Company has 200 properties in 30 metro areas around the globe with 32 million rentable square feet available.

Real Estate 2.3%

Hilton Worldwide Holdings, Inc.

Hilton Worldwide Holdings, Inc. (HLT) is the second largest hotel company in the world with 5,100 properties and 840,000 rooms across 103 countries. The company has 14 brands, including its flagship Hilton, Conrad, and Waldorf brands, across high-barrier-to-entry urban, convention, and resort destinations.

Consumer Discretionary 2.1%

Total

42.1%

Top Ten Fund Holdings based on net assets. Portfolio holdings may change over time.

as of 09/30/18

Name Sector % of Net Assets

American Tower Corp.

Real Estate 5.9%

Equinix, Inc.

Real Estate 5.8%

Interxion Holding N.V.

Information Technology 5.0%

Home Depot, Inc.

Consumer Discretionary 4.4%

MGM Resorts International

Consumer Discretionary 4.0%

Penn National Gaming, Inc.

Consumer Discretionary 3.2%

Brookfield Asset Management, Inc.

Financials 3.2%

Gds Holdings Limited - Adr

Information Technology 2.8%

Vulcan Materials Company

Materials 2.7%

Norwegian Cruise Line Holdings, Ltd.

Consumer Discretionary 2.7%

Marriott Vacations Worldwide Corp.

Consumer Discretionary 2.5%

Royal Caribbean Cruises Ltd.

Consumer Discretionary 2.4%

Hyatt Hotels Corp.

Consumer Discretionary 2.3%

CBRE Group, Inc.

Real Estate 2.3%

Hilton Grand Vacations, Inc.

Consumer Discretionary 2.3%

Hilton Worldwide Holdings, Inc.

Consumer Discretionary 2.2%

Digital Realty Trust, Inc.

Real Estate 2.1%

CyrusOne Inc.

Real Estate 2.0%

Boyd Gaming Corporation

Consumer Discretionary 1.9%

NEXTDC Limited

Information Technology 1.9%

Glenveagh Properties PLC

Consumer Discretionary 1.8%

Extended Stay America, Inc.

Consumer Discretionary 1.7%

CoStar Group, Inc.

Industrials 1.7%

The Sherwin-Williams Company

Materials 1.7%

Gaming and Leisure Properties, Inc.

Real Estate 1.6%

MGM Growth Properties LLC

Real Estate 1.6%

Marriott International, Inc.

Consumer Discretionary 1.6%

Prologis, Inc.

Real Estate 1.5%

Invitation Homes, Inc.

Real Estate 1.5%

SBA Communications Corp.

Real Estate 1.4%

Americold Realty Trust

Real Estate 1.4%

Douglas Emmett, Inc.

Real Estate 1.3%

Alexandria Real Estate Equities, Inc.

Real Estate 1.3%

Red Rock Resorts, Inc. - Cl. A

Consumer Discretionary 1.2%

Wyndham Hotels & Resorts, Inc.

Consumer Discretionary 1.2%

Park Hotels & Resort Inc.

Real Estate 1.1%

Masco Corporation

Industrials 1.0%

Fortune Brands Home & Security, Inc.

Industrials 1.0%

SL Green Realty Corp.

Real Estate 0.8%

SiteOne Landscape Supply, Inc.

Industrials 0.8%

Summit Materials, Inc.

Materials 0.8%

Installed Building Products, Inc.

Consumer Discretionary 0.7%

Martin Marietta Materials, Inc.

Materials 0.7%

Eagle Materials Inc.

Materials 0.7%

Wyndham Destinations, Inc.

Consumer Discretionary 0.6%

Housing Development Finance Corporation Limited

Financials 0.5%

Boston Properties, Inc.

Real Estate 0.4%

GICS SECTOR BREAKDOWN

As of 10/31/18

As of 10/31/18

Colors of Sub-Industry bars correspond to the GICS sector chart.

Contributors/Detractors

Quarterly as of 09/30/18

Top Contributors Average Weight Contribution
Royal Caribbean Cruises Ltd. 2.04% 0.46%
Norwegian Cruise Line Holdings, Ltd. 2.27% 0.44%
InterXion Holding N.V. 4.32% 0.31%
The Sherwin-Williams Company 2.36% 0.27%
Brookfield Asset Management, Inc. 2.77% 0.26%

Quarterly as of 09/30/18

Top Detractors Average Weight Contribution
Vulcan Materials Company 4.22% -0.70%
Summit Materials, Inc. 1.70% -0.64%
Installed Building Products, Inc. 1.62% -0.54%
Eagle Materials Inc. 1.82% -0.35%
Martin Marietta Materials, Inc. 1.73% -0.34%

Source: FactSet PA.

Insights & News

Documents

Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronFunds.com. Please read them carefully before investing.

RISKS: In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets as well as by interest rate fluctuations, credit risk, environmental issues and economic conditions. The Fund invests in companies of all sizes, including small and medium sized companies whose securities may be thinly traded and more difficult to sell during market downturns.

The Fund may not achieve its objectives.

Definitions (provided by BAMCO, Inc.): The indexes are unmanaged. The MSCI USA IMI Extended Real Estate Index is a custom index calculated by MSCI for, and as requested by, BAMCO, Inc. The index includes real estate and real estate-related GICS classification securities. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. The indexes and the Fund include reinvestment of interest, capital gains and dividends, which positively impact the performance results. Index performance is not fund performance. Investors cannot invest directly in an index.

Definitions (provided by BAMCO, Inc.): Standard Deviation: measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Sharpe Ratio: is a risk-adjusted performance statistic that measures reward per unit of risk. The higher the Sharpe ratio, the better a fund’s risk adjusted performance. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: measures a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. R-Squared: measures how closely a fund’s performance correlates to the performance of the benchmark index, and thus is a measurement of what portion of its performance can be explained by the performance of the index. Values for R-Squared range from 0 to 100, where 0 indicates no correlation and 100 indicates perfect correlation. Tracking Error: measures how closely a fund’s return follows the benchmark index returns. It is calculated as the annualized standard deviation of the difference between the fund and the index returns. Information Ratio: measures the excess return of a fund divided by the amount of risk the fund takes relative to the benchmark index. The higher the information ratio, the higher the excess return expected of the fund, given the amount of risk involved. Upside Capture: explains how well a fund performs in time periods where the benchmark’s returns are greater than zero. Downside Capture: explains how well a fund performs in time periods where the benchmark’s returns are less than zero

Definitions (provided by Baron Capital, Inc.): EPS Growth Rate (3-5 Year): indicates the long-term forecasted EPS growth of the companies in the portfolio, calculated using the weighted average of the available 3-to-5 year forecasted growth rates for each of the stocks in the portfolio provided by Factset Estimates. The EPS Growth rate does not forecast the Fund’s performance. Price/ Earnings Ratio (trailing 12-months): is a valuation ratio of a company’s current share price compared to its actual earnings per share over the last twelve months. Price/Book Ratio: is a ratio used to compare a company’s stock price to its tangible assets, and it is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Price/Sales Ratio: is a valuation ratio of a stock’s price relative to its past performance. It represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/Sales is calculated by dividing a stock’s current price by its revenue per share for the last 12 months. Weighted Harmonic Average: is a calculation that reduces the impact of extreme observation on the aggregate calculation by weighting them based on their size in the fund. Active Share is a term used to describe the share of a portfolio’s holdings that differ from that portfolio’s benchmark index. It is calculated by comparing the weight of each holding in the Fund to that holding’s weight in the benchmark. Positions with either a positive or negative weighting versus the benchmark have Active Share. An Active Share of 100% implies zero overlap with the benchmark. Active Share was introduced in 2006 in a study by Yale academics, M. Cremers and A. Petajisto, as a measure of active portfolio management.

One year turnover information to the most recent quarter and average market cap (unweighted) is available upon request.

Industry sector or sub-industry group levels are provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). All GICS data is provided “as is” with no warranties.  The Adviser may have reclassified/classified certain securities in or out of a sub-industry.  Such reclassifications are not supported by S&P or MSCI.